First-time buyers have said they are prepared to move up to 40 miles away to get on the property ladder. Research from Moneybox found 35 per cent of those surveyed feel optimistic about becoming homeowners in the UK currently.
It found 22 per cent of those even managing to save more than expected towards their deposit in the last six months. Brian Byrnes, head of personal finance at saving and investing app Moneybox, which commissioned the research, commented: “Market volatility over the last few years has really highlighted how compromise is often the key to getting on the property ladder as a first-time buyer.”
“It’s heartening to see how first-time buyers are adapting and striving to make their dream of owning a home come true. We witness this determination and dedication daily among our customers,” the report stated. “However, we also believe that more could be done to help first-time buyers navigate the current market conditions with greater confidence.”
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“Given the current interest rates and house price growth, affordability is becoming a struggle for more people, making it crucial to save an adequate deposit.” Moneybox’s Brian Byrnes added: “As we approach the final weeks before the General Election, it is clear that more needs to be done to address housing supply and sustainably boost homeownership – without further inflating house prices. However, many of the solutions needed are complex and will take some time to bear fruit.
“That is why we’ve been campaigning to future-proofing the Lifetime ISA, a hidden gem of a savings product that has supported a whole generation of first-time buyers, to buy their first home far sooner than would have otherwise been possible due to its 25 per cent government bonus on deposit savings of up to £4,000 every tax year.
“We believe first-time buyers deserve all the help they can get and so we are calling on the next government to futureproof the Lifetime ISA and help more people save more money towards their first home deposit.”
